Fastenal Company (FAST) Set to Announce Earnings on Wednesday
Fastenal Company (NASDAQ:FAST) is scheduled to post its quarterly earnings results before the market opens on Wednesday, October 11th. Analysts expect Fastenal to post earnings of $0.50 per share for the quarter.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business posted $0.46 earnings per share. Fastenal’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect Fastenal to post $1.92 EPS for the current fiscal year and $2.11 EPS for the next fiscal year.
Fastenal Company (NASDAQ:FAST) opened at 46.03 on Monday. The company’s 50-day moving average is $43.43 and its 200 day moving average is $44.52. Fastenal Company has a 12 month low of $37.70 and a 12 month high of $52.74. The firm has a market cap of $13.26 billion, a price-to-earnings ratio of 25.33 and a beta of 1.00.
Fastenal declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Several brokerages recently weighed in on FAST. Morgan Stanley reaffirmed an “equal weight” rating and set a $46.00 price objective (up previously from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. BidaskClub lowered shares of Fastenal from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Stifel Nicolaus reaffirmed a “hold” rating and set a $46.00 price objective on shares of Fastenal in a research report on Tuesday, August 22nd. BMO Capital Markets reaffirmed a “hold” rating and set a $46.00 price objective on shares of Fastenal in a research report on Monday, August 21st. Finally, Northcoast Research reaffirmed a “buy” rating on shares of Fastenal in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $50.53.
In other news, Director Stephen L. Eastman purchased 800 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were bought at an average price of $40.58 per share, with a total value of $32,464.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. In the last three months, insiders bought 3,400 shares of company stock worth $142,960. Insiders own 0.55% of the company’s stock.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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